Dominion Completes Sale of U.K. Power Station.Business Writers RICHMOND, Va.--(BUSINESS WIRE)--Sept. 29, 2000 Dominion dominion, power to rule, or that which is subject to rule. Before 1949 the term was used officially to describe the self-governing countries of the Commonwealth of Nations—e.g., Canada, Australia, or India. (NYSE NYSE See: New York Stock Exchange : D) announced today that it has completed the sale of its interest in the Corby Power Station in the United Kingdom to PowerGen plc. Thos. E. Capps, chairman, president and chief executive officer, said: "Corby has been an efficient, profitable and well-run facility. We're pleased to be handing the keys to one of Europe's most experienced generators. We wish PowerGen and our former partner, Electricity Supply Board International, continued success." In June, Dominion announced that it would sell for about $80 million (US) its 80-percent interest in Corby Power Ltd., owner of the 350-megawatt natural gas-fired facility about 90 miles north of London, England. Under provisions of the sales agreement, Corby Power Ltd. retained project debt of about $220 million (US). The sale advances Dominion's strategy to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. its non-core assets and focus growth on energy markets in the Midwest, Northeast and Mid-Atlantic regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Dominion expects to have raised a total of more than $1.5 billion in cash through the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Corby and other non-core assets. Dominion, headquartered in Richmond, Va., is the nation's largest fully integrated electric power and natural gas company. Dominion has a power generation portfolio of more than 19,000 megawatts, which is expected to grow to more than 28,000 megawatts by 2005. Dominion is also one of the largest independent oil and natural gas exploration and production companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with 2.8 trillion cubic feet of equivalent reserves. The company has 7,600 miles of inter-state natural gas pipeline with more than 650 billion cubic feet of annual natural gas throughput. Dominion also serves 3.8 million retail natural gas and electric customers. |
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